The stockholders' equity accounts of Castle Corporation on January 1, 2015, were as follows. Preferred Stock (8%, $51 par, cumulative, 10,300 shares authorized) Common Stock ($1 stated value, 2,086,300 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,100 common shares) $ 408,000 1,456,700 141,300 1,441,400 1,805,300 40,400 During 2015, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,200 shares of common stock for $115,100. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,800. Sept. 3 Issued 4,800 shares of common stock for a patent valued at $34,400. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $484,500. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (Credit account titles are automatically indented w Date Account Titles and Explanation Debit Credit Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31